10:30 is definitely reasonable for a school night (and this comes from a fairly wild party animal) People who want to kick on will find a way to do so - for a Saturday night it might well be until 4 or 5am, so I say go for it. They're still getting a big awesome reception, and heaps of time with you.

One thing to bear in mind though - with all that canape time, chicks in high heels might have a bit of a hard time, and you may end up with en empty dance floor. We party animals will always go for it, but I've seen it happen. Just something to consider.